Fully paid car but bank wouldn't release documents

[kmb333]

Good day guys, i bought a used Toyota Fortuner pero assume balance sa BDO. I paid the original owner around 450k and paid the remaining 24 months (20,500).
I always pay on time and after 24 months na fully paid ko na yung auto loan. The problem now is, ayaw irelease ng BDO yung documents ng fortuner ko even if fully paid na ako dahilan sa may utang sa credit card yung co maker (husband) ng original owner. Wala na sa Philippines yung original owner (wife) nasa abroad na dahil nagkahiwalay narin sila.
Naiipit ako ngayon kasi di ko makuha documents ko kahit bayad na auto loan ko. Tinatanong ko sa bdo magkano yung utang nung husband sa credit card e ayaw naman sabihin ng BDO dahil sa bank secrecy law daw.
I need your help guys...
May naka experience na ba sa inyo ng similar case? Ano dapat gawin? Di na mahagilap yung husband and wide

[dreamur]

Check the deed of sale when you assumed the loan if it states that you are free of any liabilities of the previous owner. If not, talk to the bank manager or find a lawyer.

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[kmb333]

Blank deed of sale po binigay niya sa akin at special power of attorney to get the necessary documents upon full payment ng loan.

Masyadong playing safe yung bank, i have paid in full to the last centavo, wala akong inargabyado. Ayaw din nila sabihin magkano utang sa credit card nung co maker.

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[kmb333]

Paging mr Juan martinez our helpful legal counsel here in tsikot

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[CVT]

Paging mr Juan martinez our helpful legal counsel here in tsikot

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I do not know what it is with banks.

But IMO, they are acting like big a$$h*les here.

What is the relevance of a credit card liability of a co-maker with the purchased unit, and fully paid at that???

Hey! The unit is fully paid!!! There is also a deed of sale...

In hindsight, You should have accomplished this and transferred the liabilities with the bank yourself earlier to eliminate any complications.

[dreamur]

Ban pa yata si JM. Mods, when is it going to be lifted?

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[kmb333]

I do not know what it is with banks.

But IMO, they are acting like big a$$h*les here.

What is the relevance of a credit card liability of a maker with the purchased unit, and fully paid at that???

Hey! The unit is fully paid!!! There is also a deed of sale... You should have accomplished this and transferred the liabilities with the bank yourself...

Exactly my point, bayad na yung oto till the last centavo, always on-time din ang payment every month. Di ko maintindihan bakit ayaw nila ilabas documents ng oto ko which is FULLY PAID na. Wala din akong connection sa credit card debt ng co-maker ng loan. Ako naiipit talaga..

Yung co-maker nag tatago na, yung principal nasa abroad na ayaw narin makialam dun sa utang ng ex asawa niya

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[Walter]

You should have informed the bank at the time you purchased the vehicle and transferred the loan to your name.

[Walter]

I do not know what it is with banks.

But IMO, they are acting like big a$$h*les here.

What is the relevance of a credit card liability of a co-maker with the purchased unit, and fully paid at that???

Unless the buyer informed the bank that he has purchased the vehicle, their record will still reflect the original owner.

[kmb333]

You should have informed the bank at the time you purchased the vehicle and transferred the loan to your name.

As much as i want to turn back time ginawa ko na. Hindi ko kasi alam ang process ng mga assume balance, nag tiwala lang ako. Hindi ko akalain sa ganito aabot

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[jaggerx3]

Connected ba ang credit card debt sa auto loan? Hmm

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[Mask Rider Blac]

TS, you can bring your concern to the BSP.
Contact the Financial Consumer Protection Department of the BSP * 708-7325. Inform them your concern. You can also send an e-mail with your full contact details to bspmail*bsp.gov.ph.
Their trunkline is 708-7701.




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[shadow]

Connected ba ang credit card debt sa auto loan? Hmm

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Yes, lahat ng loans mo sa isang bank connected lahat. Dapat ma settle lahat before ma release yun tapos na loan na either car or housing.

Mukhang ba credit na yun seller hinde na binayaran yun cc


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[ninjababez]

Yes, lahat ng loans mo sa isang bank connected lahat. Dapat ma settle lahat before ma release yun tapos na loan na either car or housing.

Mukhang ba credit na yun seller hinde na binayaran yun cc


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kung magkaibang bank bro, OK lang?
e.g.
metrobank car loan
citibank may utang sa cc

[dr. d]

Good day guys, i bought a used Toyota Fortuner pero assume balance sa BDO. I paid the original owner around 450k and paid the remaining 24 months (20,500).
I always pay on time and after 24 months na fully paid ko na yung auto loan. The problem now is, ayaw irelease ng BDO yung documents ng fortuner ko even if fully paid na ako dahilan sa may utang sa credit card yung co maker (husband) ng original owner. Wala na sa Philippines yung original owner (wife) nasa abroad na dahil nagkahiwalay narin sila.
Naiipit ako ngayon kasi di ko makuha documents ko kahit bayad na auto loan ko. Tinatanong ko sa bdo magkano yung utang nung husband sa credit card e ayaw naman sabihin ng BDO dahil sa bank secrecy law daw.
I need your help guys...
May naka experience na ba sa inyo ng similar case? Ano dapat gawin? Di na mahagilap yung husband and wide

perhaps the bank is holding the vehicle as "hostage" (o sige... collateral), in case credit card holder doesn't pay up.
btw... that vehicle was mortgaged to the bank at the time you "bought" it from the "owner". was the bank-who-techically-owned-the-vehicle-at-that-time, informed of the transaction?

[kmb333]

perhaps the bank is holding the vehicle as "hostage" (o sige... collateral), in case credit card holder doesn't pay up.
btw... that vehicle was mortgaged to the bank at the time you "bought" it from the "owner". was the bank-who-techically-owned-the-vehicle-at-that-time, informed of the transaction?

Tama hostage nga yung documents ng car ko dahil lang sa bdo credit card nung co-maker not even the principal borrower ha!

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[EQAddict]

Bdo finds ways to screw you. That's terrible. Sorry to hear of your predicament.

So one-sided. Typical bankers. Blood suckers.

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[dr. d]

Tama hostage nga yung documents ng car ko dahil lang sa bdo credit card nung co-maker not even the principal borrower ha!

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unfortunately, that co-maker who owns the credit card debt, happens to be the spouse of the person from whom you "bought" the vehicle!

[cast_no_shadow]

You should have informed the bank at the time you purchased the vehicle and transferred the loan to your name.

TS

Have you done this? Or as is may deed of sale lang then tinuloy mo lang yung hulog?

If not, technically the bank still treats the principal borrower and his co-maker as the borrowers not you.

Hostage nga encumbrance ng oto



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[dr. d]

perhaps you can talk to the husband who owns the credit card debt. he might only be too happy if you offer to settle the debt.